Well according to the DSM-5, you can't get diagnosed as schizophrenic on your first psychotic break...

Also, if he thought you were bipolar AND schizophrenic, I think he would have said "schizoaffective"... maybe he was just throwing out possible reasons for your psychosis? Psychosis can be the result of bipolar or schizophrenia (or a number of other things).

I don't know how common this is, but I'm bipolar and I've been misdiagnosed with borderline personality disorder. I think sometimes they are easily confused (although it is possible to have both).

Really, if this is the first time you've seen a doctor, I think there's a high probability that at least some of those are misdiagnoses. I've been misdiagnosed with bipolar 1, schizoaffective disorder (depressed type), psychotic depression, bulimia, borderline personality disorder, major depressive disorder, anxiety disorder NOS, bipolar disorder NOS, and psychotic disorder NOS. I think you'll find a lot of people here have been misdiagnosed with something.

I agree with the other poster, you should get a second opinion.